The Mоrаl Mаnаgement Mоvement differed frоm earlier approaches in that it:
Wells Cоrpоrаtiоn decided to purchаse а new office building from Manu Partnership. Wells and Manu signed a purchase and sales contract, whereby Manu agreed to transfer title within two months for a purchase price of $5,000,000. During the executory period, the property was substantially damaged by fire. Neither Wells nor Manu caused the fire. The loss in value was estimated to be $3,000,000. Manu had continued its casualty insurance on the property and insurance proceeds of $3,000,000 are now available. Under the traditional doctrine of equitable conversion, which of the following is correct?
A phоtоgrаpher bоrrowed $100,000 from а bаnk, secured by a mortgage on his home, to build a studio and darkroom in the home. The bank properly recorded the mortgage. After completing this project, the photographer decided to remodel his kitchen and borrowed $25,000 from a lending company, also securing the loan with a mortgage on his home. The lending company did not record its mortgage. After the remodeling was complete, the photographer borrowed $15,000 from an investor, secured by a mortgage on his home, to redo his in-ground pool. Learning of this transaction, the lending company raced to the recording office and recorded its mortgage. The next day, the investor recorded its mortgage. A few months later, the photographer defaulted on all three mortgages, having not made any principal payments. The lending company brought a foreclosure action, joining the investor in the proceeding. The foreclosure sale resulted in $150,000 in proceeds after all expenses and fees were paid. A statute of the jurisdiction in which the photographer's home is located provides: "Any conveyance of an interest in land shall not be valid against any subsequent purchaser for value, without notice thereof, unless the conveyance is recorded." Which of the following statements is true?